Equitymaster - YES Bank IPO - Snippet

We believe that the bank holds potential for effectively catering to a niche corporate segment (especially due its novel strategy) and utilising the low operating overhead approach (by not focusing too much on retail) to bolster its operating margins. Besides given the credibility of its management and commitment of Rabo Bank (which has one the highest credit ratings in the world), Yes Bank seems to have a lot coming its way. All said, it would be a matter of time before the bank's credentials are established. Also, despite catering to the high-end customers, inability to garner low cost deposits has dampened the bank's business per employee ratio as compared to that of its peers. The valuations of the bank (at the higher end of the band) look attractive when compared to its peers in the private banking space. But for long-term investment we would put it in the high-risk category.

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